It seems the author doesn't think as many people should be going to university, and the reason people go to university is because credential inflation makes it

It seems the author doesn't think as many people should be going to university, and the reason people go to university is because credential inflation makes it harder for non-college-graduates to get a job, and more people will go to university if they think it will be cheaper because debt cancellation implies the possibility of future debt cancellation, hence lowering the effective code of going to college.